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Bitcoin's fiery bull run last month is over, but Michael Saylor hasn't budged and still believes in his BTC strategy. Marco Verch/flickr

KEY POINTS

  • Many of Saylor's followers agreed that one should "elevate" thinking to understand Bitcoin's run
  • Some were more realistic, noting that prices are significantly down
  • The MicroStrategy chairman was previously urged to pump up the asset's declining price

MicroStrategy founder and executive chairman Michael Saylor has been quite optimistic about Bitcoin despite the digital currency's significant decline from last month's all-time high, but some users on X (formerly Twitter) have raised the issue of whether the maximalist's confident stance is a case of denial.

On Wednesday, Saylor took to X to encourage cryptocurrency users and traders to "elevate" their thinking. Many Bitcoiners, enthusiasts and maximalists alike, agreed and hailed his few words as a driving force in the BTC community.

One user said Bitcoin "is the mark of financial IQ elevation." Another user said he wished everyone else had the same thinking as Saylor, while another said only a few people understand that "Bitcoin thinking is a gift from the universe." One user also suggested that acquiring the world's largest cryptocurrency requires an "elite mindset."

However, one user posted a question that brought Bitcoiners back to the real world: "Could you buy another % of the supply, prices are down. Thank you," the user said.

As of writing, Bitcoin is trading between $61,000 and $62,000. The figures are notably down from last month's all-time high of over $73,000, and crucially at a time when the world's first decentralized cryptocurrency is headed for a halving, wherein supplies become scarcer due to Bitcoin mining rewards being cut in half.

With Saylor continuously hyping up the digital coin while prices are on a retreat and some Bitcoin whales appear to have started dumping their stash, some non-crypto holders may have noticed an atmosphere of "toxic positivity" around the Bitcoin community, particularly from maximalists and enthusiasts like Saylor.

"How's that elevated thinking treating you lmfao," one user said. "Have you seen the price of bitcoin lately," another user quipped. "Bitcoin is collapsing. Watch your step," a user warned. One user also argued that Saylor was "sending the wrong message" by selling MicroStrategy stocks. The tech executive sold over 1,900 MSTR shares on Monday as per a filing with the U.S. Securities and Exchange Commission (SEC).

Saylor isn't the only Bitcoin hodler – an individual who holds on to digital assets regardless of market fluctuations – who has maintained a positive outlook of the digital coin's potential despite its apparent dip. Samson Mow, the chief strategy officer at blockchain technologies provider Blockstream, said Wednesday that an "apex hodler is unaffected by market sentiment."

The callout on Saylor comes just a day after some Bitcoin owners urged the tech magnate to "do something" about the digital asset's plunge.

Bitcoin is down to its lowest point since February, losing close to 7% of its value in under 24 hours. Longtime Bitcoiners seem to understand the contraction as many said they were expecting a dip around the halving event before the coin eventually climbs again post-halving.

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